Crypto Market Overview August 24th | Dex-Trade
Twitter Leadership Deceived Elon Musk: Information from a Company Insider
Twitter's former head of security, Peiter Zatko, who left in January of this year, said the company has big holes in its security practices and that it misled the US government and Elon Musk about its vulnerability. Zatko, who is also well known in hacker circles as "Mudge," has filed a complaint against the company with the Federal Trade Commission, the Securities and Exchange Commission and the US Department of Justice. An 84-page edited copy of the document was published on the CBS News website. In it, the whistleblower reports that it’s alleged that the leadership of Twitter made "extreme, egregious deficiencies" in the areas of security, privacy and content moderation. The complaint also states in plain text that "A recent example of misrepresentations by Twitter concerns Elon Musk’s high-profile takeover attempt since April 2022." Recall that Musk expressed doubts about the presence on the platform of less than 5% of bots among all accounts. This factor became decisive in the refusal of the businessman to continue the procedure for buying the social network. Twitter CEO Parag Agrawal tweeted that Musk's doubts were false. However, Zatko, in his complaint, called the tweet a lie and said that, in fact, Agrawal knows very well that Twitter executives are not interested in accurately detecting or reporting all spambots on the platform. It seems that Musk once again “outplayed” and “destroyed” his opponents.
Binance Will Not Charge Any Fees for Trading ETH/BUSD
Binance, the largest cryptocurrency exchange, announced that from August 26 to September 26, it will be possible to trade the ETH/BUSD spot trading pair with zero commission. Previously, a similar option became available for trading BTC in several pairs, which was timed to coincide with Binance's "Birthday." At the end of June, the crypto exchange experimented with commission-free trading through a US subsidiary. With the removal of fees for US traders, the number of Binance users has grown, while the share of Coinbase, the dominant exchange in the region, has declined markedly. In addition, Binance has introduced new programs for VIP users and spot liquidity providers. Now for VIP clients, the 30-day volume calculation for determining the trading commission level will not include the trading volume for the ETH/BUSD spot pair. Also, for spot liquidity providers, the maker volume for the ETH/BUSD pair will not be taken into account when calculating the maker volume of the spot liquidity provider program. According to blockchain analyst Santiment on August 22, Ethereum currently ranks first among the projects with the highest development activity over the past 30 days. By the way, according to the Ycharts platform, due to the current decline in activity on the Ethereum network, transaction costs reached 13 gwei, which was the lowest figure in almost two years.
Brian Armstrong Hinted at the Dire Consequences of the Crypto Winter
Coinbase CEO, Brian Armstrong, hinted in an interview with CNBC that investors should be extremely careful as the last few days have seen the withdrawal of cryptocurrencies, BTC and ETH prices are experiencing ups and downs, and the market cap is still treading water in the $1 trillion region. Armstrong has made it clear that while he expects the bear market to end soon, the leading U.S. cryptocurrency exchange is bracing for a financial downturn that will be even more dramatic than the crypto winter itself. “We all aspire for a nice recovery and, well, 12 to 18 months, but you have to be ready for it to take longer than that. So that’s how we view it. We also avoid trying to be overly charming while projecting the future.” Armstrong also added that the company has survived the fall of four cryptocurrencies over the past ten years and is ready to adapt to the current situation in anticipation of warming. He expects that with the implementation of a strong anti-crisis strategy, the company will be able to achieve significant growth over the next five to ten years. For example, now Coinbase is increasingly shifting its focus to what Armstrong called “subscriptions and services.” These options will help improve the accuracy of the company's financials, as the majority of Coinbase's revenue comes from trading volumes on the site. At the moment, "subscriptions and services" generate only 18% of the company's revenue.